Lenders often make borrowers prove they had the money for the down payment on their own before writing a mortgage. As I recall I had to provide a year's worth of banks statements to show this was our money, not a recent gift.I am curious. Do Americans not normally help their children to purchase their first homes? I think it is quite common in the U.K./Europe for parents to help children get on the property ladder, if the funds are available obviously.
We just had to sign a form for the bank who was handing my son’s home loan acknowledging that the $25,000 we gave him was a gift. That we had no interest in making him repay us. Very simple process.Lenders often make borrowers prove they had the money for the down payment on their own before writing a mortgage. As I recall I had to provide a year's worth of banks statements to show this was our money, not a recent gift.
A lender will be quite ok with an affidavit from the parents that the money is a gift, not a loan.Lenders often make borrowers prove they had the money for the down payment on their own before writing a mortgage. As I recall I had to provide a year's worth of banks statements to show this was our money, not a recent gift.
Never dealt with that since our parents didn't give us any money. I just had to show the money I had in the bank had been there a while.We just had to sign a form for the bank who was handing my son’s home loan acknowledging that the $25,000 we gave him was a gift. That we had no interest in making him repay us. Very simple process.
I guess the time the money has been in your accounts is known as "seasoning". And it appears some lenders limit how large a gift can be.A lender will be quite ok with an affidavit from the parents that the money is a gift, not a loan.
If it's normal here I didn't get the memo. I never got a nickel from my parents, but I did lend my daughters 2K for their homes that I got back as soon as they closed on the property. Since then they have both had multiple homes and all on their own.I am curious. Do Americans not normally help their children to purchase their first homes? I think it is quite common in the U.K./Europe for parents to help children get on the property ladder, if the funds are available obviously.
Lots of people here seem to be caught up in the fraternity mindset. If I had it rough, my kids should have it rough.
Seems many like to haze their kids.
I guess it depends on the situation. We bought a house because we were getting killed on our income taxes and we bought what we could afford to reduce our income taxes. Amazing how rich we felt back then, our gross combined earnings we $30,000 a year!Lots of people here seem to be caught up in the fraternity mindset. If I had it rough, my kids should have it rough.
Seems many like to haze their kids.
That isn't what it is at all.Lots of people here seem to be caught up in the fraternity mindset. If I had it rough, my kids should have it rough.
Seems many like to haze their kids.